Complementing James Miller's summary of the battle in Washington over the Federal Government's debt, with the prospect of a US default next week, I was in a discussion on BBC Radio 2 this lunchtime about the political and economic causes of the problem and on the question, "Does this mean America is on its knees and finished as a superpower?"

(The answer to the question is easy, "That is the wrong way to look at the current situation." Explaining the causes is a lot more complex, although James Miller's "Start with the tax cuts", and the Government spending binge of the last decade is a good beginning.)

And later in the afternoon, I had the chance on BBC West Midlands to offer an introduction to the "debt ceiling", the politics of the crisis, and the question, "Does it really matter if the US defaults next week?"